Better Collective Raises Targets After AceOdds Acquisition

The sports betting affiliate Better Collective has increased its 2024 budget after paying €42 million ($45.6 million) to acquire AceOdds, a UK-based company.

With the intention of strengthening regional brand awareness for Better Collective and broadening AceOdds’ global reach outside of the UK, the acquisition places AceOdds’ well-established position in the UK market under the Better Collective umbrella.

As a result of this calculated move, Better Collective changed its 2024 financial targets. The current target range of €390 million to €420 million has been surpassed by 21% to 30%, with revenue predictions now falling between €395 million and €425 million.

A proportionate modification has also been made to the updated EBITDA targets.

Better Collective posted impressive full-year results for 2023, including adjusted EBITDA growth of 31% and sales growth of 21%.

Nevertheless, in 2023’s fourth quarter, EBITDA decreased by 16%. The business has not yet released its Q1 2024 financial results.

“I am ecstatic to announce AceOdds’s joining the Better Collective family,” said Ian Bowden, Senior Director UK & Ireland at Better Collective. “This strategic acquisition brings us a robust owned and operated sports betting media brand in the UK market, poised for global scalability.”

According to Bowden, “The AceOdds brand aligns well with Better Collective’s overarching goal of acquiring exceptional sports media firms across many verticals. By offering a significant sports betting affiliation brand in a crucial expanding area for the Better Collective group, it closes a significant gap.”

Original Story by: Gambling Insider